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Price Analysis Feb 24: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, ADA

price-analysis-feb-24:-btc,-eth,-xrp,-bch,-bsv,-ltc,-eos,-bnb,-xtz,-ada

Many cryptocurrencies are struggling to break above their overhead resistances, which could result in a minor correction or consolidation in the next few days.

The global equity markets are reeling under pressure as the coronavirus outbreak has spread outside China. While gold, the traditional safe haven, has been moving higher, Bitcoin has largely remained range-bound. This again puts focus on the frequently discussed perspective that Bitcoin is a completely uncorrelated to traditional markets. Sometimes it rallies with the equity markets and other times with gold but during certain occasions, such as now, it moves to its own beat.

In other news, Tron founder Justin Sun paid a record $4.6 million in a charity auction to have a meal with legendary investor Warren Buffet. However, it looks like he was not able to change Buffet’s skepticism on cryptocurrencies.

Daily cryptocurrency market performance. Source: Coin360

In a recent interview with CNBC, Buffet said that cryptocurrencies “have no value and they don’t produce anything,” hence, he does not own any cryptocurrency and “never will.” This shows how some traditional players are still not convinced about the advantages of cryptocurrencies.

Sun, however, remains convinced about the long-term prospects of cryptocurrencies. He said that Bitcoin will cross $100,000 in 2025 and will pull the major altcoins also along with it. While we are also positive in the long-term, let’s see what the charts project for the near-term.

BTC/USD

Bitcoin (BTC) is currently trading inside the descending channel. If the bears sink the price below $9,600, a drop to the support line of the channel, which is close to the 50-day SMA at $9,176, is possible.

BTC USD daily chart. Source: Tradingview

The 20-day EMA has flattened out and the RSI has dropped close to the midpoint, which suggests a range-bound action for the next few days.

If the price breaks out of the channel, the bulls can carry the price to $10,500. If this level is scaled, the uptrend is likely to resume. Above this level, a move to the long-term downtrend line at 11,350 is possible.

We anticipate the bears to mount a stiff resistance at the downtrend line once again. However, if the bulls can push the price above it, the BTC/USD pair is likely to pick up momentum.

Conversely, if the bears sink the price below the channel, the trend will turn in favor of the bears. We do not find any reliable buy setups at the current levels, hence, we remain neutral on the pair.

ETH/USD

Ether (ETH) has been largely stuck between $235.70 and $288.599. We spot a symmetrical triangle, which usually acts as a continuation pattern. With both moving averages sloping up and the RSI in the positive zone, the advantage is with the bulls.

ETH USD daily chart. Source: Tradingview

If the bulls can push the price above the triangle and the overhead resistance at $288.599, the uptrend will resume. The triangle setup has a target objective of $330. If this level is crossed, the up move can extend to $366.

Contrary to our assumption, if the bears sink the ETH/USD pair below the triangle, a drop to $235 and below it to the 50-day SMA at $200 is possible. Therefore, we suggest traders retain the stop loss on their remaining long positions at $230.

XRP/USD

The bulls are struggling to carry XRP higher. This shows a lack of demand at higher levels. We spot a possible head and shoulders pattern that will complete on a break and close (UTC time) below $0.26362.

This bearish setup has a target objective of $0.18043 on the downside, which is close to the recent lows at $0.17468. However, it might not be a waterfall decline as we expect the bulls to defend the support at $0.21.

XRP USD daily chart. Source: Tradingview

Conversely, if the price bounces off $0.26362, the bulls will once again attempt to carry the price to the overhead resistance at $0.31503. Above this level, a retest of $0.34681 is possible.

The XRP/USD pair is likely to pick up momentum on a break above $0.35. For now, the traders can protect their long positions with stops at $0.26.

BCH/USD

Bitcoin Cash (BCH) is stuck between the 20-day EMA at $404 and the 50-day SMA at $368. While the bulls are buying the dips to the 50-day SMA, the bears are selling close to the 20-day EMA.

BCH USD daily chart. Source: Tradingview

If the bulls fail to push BCH above the 20-day EMA, the bears will make another attempt to sink the price below the critical support at $360. If successful, a drop to $306.78 is possible.

On the other hand, if the bulls can push the BCH/USD pair above the 20-day EMA, a move to the trendline of the ascending channel is possible. We do not find any reliable buy setup at the current levels, hence, we suggest traders remain on the sidelines.

BSV/USD

The bears are defending the 20-day EMA, which shows a lack of demand at higher levels. If Bitcoin SV (BSV) dips below the 50-day SMA at $277, a drop to $236 is possible. A break below this support will be a huge negative.

BSV USD daily chart. Source: Tradingview

Contrary to our assumption, if the bulls can push the price above the 20-day EMA, a rise to $337.80 is possible. A break above this resistance can result in a move to $382.47 and above it to the lifetime highs.

If the BSV/USD pair bounces off the support at $236, we might suggest a long position with a close stop loss. Until then, we remain neutral on the pair.

LTC/USD

Litecoin (LTC) is struggling to climb above the overhead resistance at $80.2731. This shows that the bears are still active at higher levels. If the price dips below the 20-day EMA at $73.60, it can again decline to the support at $66.1486. This will keep the altcoin range-bound for a few more days.

LTC USD daily chart. Source: Tradingview

The LTC/USD pair will turn negative on a break below the support at $66.1486. If this support cracks, the next level to watch out for is $50.

Conversely, if the bulls can propel the price above the overhead resistance zone of $80.2731-$84.3374, the pair is likely to pick up momentum. The target levels to watch on the upside are $100 and above it $125.

Therefore, the traders can buy on a breakout and close (UTC time) above $85. We shall suggest a close stop loss after the trade triggers.

EOS/USD

The bears are again attempting to defend the 20-day EMA. This is a negative sign as it shows that the sentiment is changing from buy on dips to sell on rallies. If EOS drops below the 50-day SMA at $4.00, it is likely to drop to $3.50.

EOS USD daily chart. Source: Tradingview

With the 20-day EMA sloping down and the RSI dipping into the negative territory, the advantage is shifting in favor of the bears.

However, if the bulls defend the support at $4, the EOS/USD pair might again attempt to move up to $4.40 and above it to $4.8719. The pair is likely to pick up momentum on a break above the overhead resistance zone of $4.8719-$5.50.

BNB/USD

Binance Coin (BNB) is currently stuck in a tight range between $21.80 and $23.5213. The 20-day EMA has flattened out and the RSI is just above the midpoint. This points to a balance between the buyers and sellers.

BNB USD daily chart. Source: Tradingview

The advantage will tilt in favor of the bulls if the price breaks out and sustains above $23.5213. Above this level, a move to $27.1905 is possible.

On the other hand, if the BNB/USD pair drops and sustains below $21.80, it would signal an advantage for the bears. The next support on the downside is the 50-day SMA at $19.52 and below it $18.

XTZ/USD

Tezos (XTZ) is currently witnessing profit booking that can drag the price to the 20-day EMA at $3.014, which is just above $2.9204864, the 38.2% Fibonacci retracement of the most recent rally.

XTZ USD daily chart. Source: Tradingview

If the price rebounds off $2.9204864, the bulls will once again attempt to push the price above the lifetime high at $3.9499.

Nonetheless, if the support at $2.9204864 cracks, the XTZ/USD pair can drop to $2.6025, which is the 50% retracement level of the rally. We do not find any reliable buy setups at the current levels, hence, we are not proposing a trade in it.

ADA/USD

Cardano (ADA) has once again climbed back into the top ten list of cryptocurrencies by market capitalization, hence, it has been included in the analysis. The bulls are currently attempting to keep the price above the critical support at $0.0560221, which is just below $0.0570183, the 38.2% Fibonacci retracement level of the most recent rally.

ADA USD daily chart. Source: Tradingview

If the support holds, the ADA/USD pair might remain range-bound between $0.0560221 and $0.0652290 for a few more days. The flattish 20-day EMA and the RSI close to the midpoint also suggest a range formation.

A break below $0.0560221 can drag the price to the 50-day SMA at $0.0517. Alternatively, a break above $0.065229 can push the price to $0.0722722.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Written by btcethereumadmin

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